Dubai

The Dubai Financial Market (DFM) index ended flat on Thursday as trade values remained weak, with the bulk of the day’s trade focused on Emaar.

The DFM index ended the day at 3,624.49, down just 0.01 per cent, with Dh282.6 million traded in the market as a lack of catalysts and geopolitical uncertainty kept investors on the sidelines.

Emaar was the most actively traded company in terms of value, and accounted for 31 per cent of the total trade value in the market. Its share prices rose 1.31 per cent to reach Dh8.53.

“I think global sentiment and political sentiment is not helping us. Nevertheless, we are seeing consolidation at these levels, which are major resistance levels for the market, and considered as major resistance points for most of the blue chips. Going into September, anticipation is for liquidity to start coming back into the market and for blue chips to start moving as we approach year-end and dividend season, which will create a new catalyst for the market,” said Marwan Shurrab, head of high net worth and retail equity brokerage, Al Ramz.

In Dubai, Gulf Navigation inched up 0.74 per cent, as Union Properties gained 1.69 per cent, and the Nasdaq-Dubai-listed DP World fell 1.59 per cent.

In Abu Dhabi, trade concentrated on the blue chips including First Abu Dhabi Bank, Aldar Properties, Etisalat, and Abu Dhabi Commercial Bank. The Abu Dhabi Securities Exchange (ADX) general index inched up 0.14 per cent to reach 4,493.81.

“Going forward, one of the main catalysts will be the Emaar IPO [initial public offering], which should attract new investors into the market. Secondly, I expect restructuring companies that faced a lot of difficulty since the beginning of the year — the likes of UPP, Drake & Scull, Arabtec — to start coming into play with expectations that the worst is behind them and expectations for recovery,” Shurrab said.

Emaar said in June it plans to list as much as 30 per cent of its property unit, a move that is now highly anticipated by investors and that is expected to drive liquidity into the UAE markets.

Elsewhere in the region, Saudi Arabia’s Tadawul index fell 0.25 per cent to reach 7,245.66, while Kuwait’s main index slid 0.54 per cent to 6,885. Bahrain’s All Share index ended 0.24 per cent lower to 1,302.

DFM Eid Al Adha closing

The Dubai Financial Market (DFM) said it will be closed from August 31 till September 3 on occasion of the Eid Al Adha holiday. Trading will resume on September 4, the bourse said.